Josh, definitely October not going well for all of crypto. In fact, since last Friday, you’ve had the crypto market that’s shrunk by 600 billion.
And if we take a look at our YFi interactive, you’ll see the action here. Today, we are watching Bitcoin that is around 106,000. It had gone down to around 104,000, 105,000 earlier in the session.
But if we just take a look, I’m just going to pull up here a 10-day chart. You can see down 12% over the last 10 days.
We had seen Bitcoin at 126,000 at an all-time high back on October 6th. Then last Friday, Trump uh put out that social media post threatening uh China with 100% tariffs, and that’s when you saw crypto really uh uh decline uh tremendously down to around 104,000 level.
You had leveraged positions, uh you had long liquidations, and that really was was what precipitated all the selling. Now, you had a have had a choppy week so to speak over the last five days.
But nevertheless, this has been a disappointing trade when you compare it to the likes of gold, for example, even though gold is down today, I mean, gold has been sort of the safe haven. Uh, so even though today Trump talked about how the tariff talks are going well with China and we’ve seen that the markets are up overall.
But you’re not seeing Bitcoin going up. So it’s a bit of a head scratcher when it comes to some of the Bitcoin bulls out there because this is supposed to be a strong month and a lot of the big thesis has been that once gold had its rally that you would see uh some of that money flowing into Bitcoin.
We have yet to see sort of that rotation from gold into digital assets, cryptocurrencies.
